Pages

Tuesday, October 13, 2009

Although I haven't -yet- upgraded to Spotify Premium, I believe that the popular streaming music company presents the future for the music industry! The company co-founder Daniel Ek recently shared his thoughts on the last twelve months acknowledging that 'Overnight success takes a long time'. Although it's been an interesting year within the music industry many have questioned whether the Spotify business model is sustainable one.

It appears that a revenue model that doesn’t devalue music is what Ek cares more than most about. The Spotify business model is, and has been since launch, more about the mix of subscription and ad support! Referring to iTunes, which missed its revenue targets in its first year by 30%, and label executives were far from convinced that this was the future. We all know how well that story turned out! Spotify are in this for the long haul and aren’t interested in just trying to hype the company and then “flipping it”. Success in the music industry takes time and the comparisons with iTunes may be wrong but the point is clear!

Overnight success takes a long time. To quote Daft Punk - work it harder, make it better, do it faster, makes us stronger, more than ever, hour after hour, our work is never over.